Spreadex Market Update
Insipid Monday continues as pound hits fresh 3-year low against the euro
Sitting pretty, and unchanged, at 6920 the FTSE has done zilch, zero and bupkis this morning, steady gains for its oil stocks (thanks to Brent Crude crawling back across the $47 per barrel mark) helping to counter a series of losses in its mining sector. There was a bit for action for the pound; sadly for sterling it wasn’t good news, the currency slumping to a fresh 3 year low against the euro while remaining below 1.30 against the dollar.
The Eurozone was a similar ghost town this Monday, a few Bank Holidays across the region leaving the DAX to plug away (relatively) on its own. The German index has managed to find some form, however, creeping 30 points higher to strike 10750.
Looking ahead to the US open and those investors (well, those who aren’t on holiday) praying for a spark of life will likely be disappointed. The Dow Jones is currently facing a mild 0.2% increase after the bell, with only the latest Empire State manufacturing index reading (expected at 2.1 against last month’s 0.6) on the economic agenda.
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